WCX Review 2019 | Is WCX a Scam or Legit Forex Broker?
Rating breakdown
WCX Overview
WCX is newly established forex & CFDs broker with a crypto exchange that only accepts Bitcoin as a payment method
| # | Broker's Features | WCX Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ❌ |
| # | PAMM | ❌ |
| # | Scalping | ❌ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ❌ |
| # | Swaps | ❌ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ❌ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ❌ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review WCX.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. WCX offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Cryptocurrency.
Tradable Products: Over 100+ trading assets covering 5 different asset classes
Broker Type: Many types of brokers can be found in the most dynamic market in the world. WCX is Market Maker.
Features: Trading platform suited to beginners, with ranging leverage ratio
As a market maker, WCX may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. WCX recommended minimum capital is $30.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. WCX is regulated by Not regulated. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: WCX is not a licensed or regulated online trading brokerage
Languages Available: Next lets have a look at each broker's different Language options. WCX offers English, French.
Payment methods: Next lets have a look at each broker's payment options. WCX offers Cryptocurrencies different payment methods for each account types.
Deposit and withdrawal: No deposit and withdrawal fee. Deal in BTC only
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, WCX makes N/A available to clients.
Web & Desktop Trading Platforms: Proprietary web-based platform with a user-friendly interface
Mobile Trading Platforms: No dedicated mobile app but web-based platform accessible through a web browser
Trader Education
Limited video resources and a basic FAQ
Support
Limited customer support service through support ticket only
Recup
There is a wide range of assets which you can trade covering five different asset classes. On the negative side, WCX was only recently launched and there are very few corporate details available on the broker. In addition, the broker does not seem to have any regulatory oversight.
Final Thoughts
WCX offers a nice and easy to use trading platform for beginner crypto traders. The charts are adequate for most purposes and you get leverage as high as 1:300.
Trading Experience
Good for beginner crypto traders who also wants to trade the financial markets from a single platform